The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated:Number of units producedNumber of units soldUnit sales price3,0002,400$ 350$70$ 55Direct materials per unitDirect labor per unitVariable manufacturing overhead per unit$ 13$65$ 26,400$ 63,000Fixed manufacturing overhead per unit ($195,000+3,000 units)Total variable selling expenses ($11 per unit sold)Total fixed general and administrative expensesRequired:Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.Complete this question by entering your answers in the tabs below.Full AbsorptionCostingVariableCosting.Prepare Crystal Cold's full absorption costing income statement for the year.Crystal Cold Coolers IncorporatedFull Absorption CostingIncome StatementSalesLess: Cost of goods soldGross marginLess: Non-manufacturing expensesVariable selling expenseFixed general and administrative expensesNet operating incomeAnswer is not complete.SalesLess: Variable cost of goods soldContribution marginLess: Fixed costsNet operating income✔✔$$Full Absorption VariableCostingCostingPrepare variable costing income statement for the year.Crystal Cold Coolers IncorporatedVariable CostingIncome Statement840,000487,200352,800✔26,40063,000263,400$$840,000482,400✔224,400

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Description: The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated:Number of units producedNumber of units soldUnit sales price3,0002,400$ 350$70$ 55Direct materials per unitDirect labor per unitVariable manufact

Absorption costing and variable costing are the two methods of costing system. Under absorption…

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The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold 3,000 2,400 $ 350 $ 70 $ 55 $ 13 Unit sales price. Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($195,000+3,000 units) Total variable selling expenses ($11 per unit sold) Total fixed general and administrative expenses $65 $ 26,400 $ 63,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.

The following information pertains to the first year of operation for Crystal Cold Coolers Incorporated: Number of units produced Number of units sold 3,000 2,400 $ 350 $ 70 $ 55 $ 13 Unit sales price. Direct materials per unit Direct labor per unit Variable manufacturing overhead per unit Fixed manufacturing overhead per unit ($195,000+3,000 units) Total variable selling expenses ($11 per unit sold) Total fixed general and administrative expenses $65 $ 26,400 $ 63,000 Required: Prepare Crystal Cold's full absorption costing income statement and variable costing income statement for the year.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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